The demand for the soy chemicals market is predicted to expand at a CAGR of 7.5% from 2022 to 2032, as per a survey conducted by Fact.MR, market research and competitive intelligence provider. At present, the soy chemicals industry stands at US$ 24.35 billion and is expected to surge to US$ 50.06 billion by the end of 2032.
Increasing demand for bio-based products is expected to majorly drive sales of soy chemicals across the forecast period. The increasing use of soy chemicals to manufacture biodegradable plastics and polymers will provide new opportunities for soy chemical manufacturers over the coming years. Rising demand for soy-based food products is also predicted to favor market growth potential.
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Soy chemical manufacturers are focusing on expanding their product portfolio with new launches across the world. The soy chemicals market is consolidated with major players accounting for dominant market shares and this is expected to be a major challenge for new entrants in the market throughout the forecast period.
Key Takeaways from Market Study
- The soy chemicals market stands at US$ 24.35 billion in 2022.
- Consumption of soy chemicals is expected to rise at a high CAGR of 7.5% from 2022 to 2032.
- Increasing focus on sustainability, rising use of soy chemicals in biodegradable plastic manufacturing, and increasing demand from the food and beverage industry are major trends that will influence market growth through 2032.
- The North America soy chemicals market currently accounts for a major market share of 34.3% in the global industry.
- The market for soy chemicals in China is predicted to reach a valuation of US$ 7.63 billion by the end of 2032.
- The soy oil segment accounts for a market worth of US$ 7.59 billion in 2022 and is predicted to expand at a high CAGR of 8.7% through 2032.
- Demand for soy chemicals is expected to rise at a stellar CAGR of 9.9% in the polymers and plastics end-use segment.
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Key Segments Covered in Soy Chemicals Industry Research
- Soy Chemicals Market by Type :
- Soy Oil
- Soy Wax Market
- Fatty Acids
- Soy Polyols
- Soy Isoflavones
- Soy Methyl Soyate
- Other Types
- Soy Chemicals Market by End Use :
- Plastics & Polymers
- Food & Beverages
- Paper & Pulp
- Other End Uses
- Soy Chemicals Market by Region :
- North America
- Latin America
“Increasing demand for soy chemicals across industries such as food, biodiesel, and cosmetics will drive high market growth through 2032,” says a Fact.MR analyst
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Soy chemical manufacturers are investing in the expansion of their research and development capabilities to increase their product portfolio and boost revenue generation capabilities.
Soy chemical companies are also trying to cash in new opportunities in the renewable chemical manufacturing sector as the focus on sustainability, and environment conservation bolsters on a global scale.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global soy chemicals market, presenting historical demand data (2017-2021) and forecast statistics for the period of 2022-2032.
The study divulges essential insights on the market on the basis of type (soy oil, soy wax, fatty acid, polyols, isoflavones, methyl soyate, other types) and end use (plastic & polymers, food & beverages, cosmetics, biodiesels, paper & pulp, other end uses), across five major regions (North America, Latin America, Europe, APAC, and MEA).
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